Types of business debt Construction Industry SchemeGetting to know the Construction Industry Scheme The Construction Industry Scheme (CIS) is an arrangement that contractors and subcontractors use to ensure payments to HM Revenue and Customs (HMRC) are fulfilled. CIS doesn’t apply to payments made to employees, since this is covered by the Pay As You Earn (PAYE)…Find out more Income tax debtIncome tax debt What is income tax? Income tax is the statutory tax you pay on income you receive. This money is collected by HM Revenue and Customs (HMRC).You should treat income tax debt as a priority debt. This is because the consequence of not paying it could lead to…Find out more Getting to know business ratesGetting to grips with business rates What are business rates? Business rates are charges made on non-domestic properties like shops, offices, warehouses and factories. Essentially, you will be charged on a property that offers your business a source of income. You can find out more about these charges on the…Find out more Commercial Property LeasesCommercial property leasesWhat is a commercial property lease?A lease is a written agreement that gives you permission to occupy and trade from a property for an agreed amount of time. The agreement will outline how much you will be expected to pay and how you will pay it – this…Find out more Commercial Energy DebtHandling commercial energy debt Commercial energy debt includes gas and electricity arrears and count as priority debts because suppliers have the power to disconnect your supply if you do not pay – and they don’t need to go to court to do this. If you own a small business like…Find out more Understanding a bill of saleUnderstanding a bill of sale What is a bill of sale? Simply put, a bill of sale agreement uses a car (or other goods) as security for a loan. Under a bill of sale, your lender will own the goods until you pay the loan off. In the event that…Find out more Hire purchase and conditional sale agreementsWhat are hire purchase and conditional sale agreements? Hire purchase (HP) agreements and conditional sale agreements usually relate to cars, although they can include furniture and household appliances. They tend to last between one to five years. Under HP, you don’t own the goods until you’ve made the final payment…Find out more Household energy debtsHandling energy debts When you fall behind with your gas and electricity bills, you risk falling into energy debts. Gas and electric bills can mount up, especially during cold spells, so budgeting for them is very important. If your bills are higher than expected, this can have a big effect…Find out more Household mortgage shortfallsDealing with a mortgage shortfall A mortgage shortfall can happen when your home has been repossessed and sold, and the money raised isn’t enough to pay your outstanding mortgage and any secured loans as well as legal and estate agents’ fees. If your property has been repossessed, your lender will…Find out more Negative equity in your homeNegative equity in your home What is negative equity? Negative equity in your home is when your property is worth less than your mortgage and other debts secured on it. It’s usually caused by falling property prices and often related to the state of the economy. As an example, if…Find out more
Construction Industry SchemeGetting to know the Construction Industry Scheme The Construction Industry Scheme (CIS) is an arrangement that contractors and subcontractors use to ensure payments to HM Revenue and Customs (HMRC) are fulfilled. CIS doesn’t apply to payments made to employees, since this is covered by the Pay As You Earn (PAYE)…Find out more
Income tax debtIncome tax debt What is income tax? Income tax is the statutory tax you pay on income you receive. This money is collected by HM Revenue and Customs (HMRC).You should treat income tax debt as a priority debt. This is because the consequence of not paying it could lead to…Find out more
Getting to know business ratesGetting to grips with business rates What are business rates? Business rates are charges made on non-domestic properties like shops, offices, warehouses and factories. Essentially, you will be charged on a property that offers your business a source of income. You can find out more about these charges on the…Find out more
Commercial Property LeasesCommercial property leasesWhat is a commercial property lease?A lease is a written agreement that gives you permission to occupy and trade from a property for an agreed amount of time. The agreement will outline how much you will be expected to pay and how you will pay it – this…Find out more
Commercial Energy DebtHandling commercial energy debt Commercial energy debt includes gas and electricity arrears and count as priority debts because suppliers have the power to disconnect your supply if you do not pay – and they don’t need to go to court to do this. If you own a small business like…Find out more
Understanding a bill of saleUnderstanding a bill of sale What is a bill of sale? Simply put, a bill of sale agreement uses a car (or other goods) as security for a loan. Under a bill of sale, your lender will own the goods until you pay the loan off. In the event that…Find out more
Hire purchase and conditional sale agreementsWhat are hire purchase and conditional sale agreements? Hire purchase (HP) agreements and conditional sale agreements usually relate to cars, although they can include furniture and household appliances. They tend to last between one to five years. Under HP, you don’t own the goods until you’ve made the final payment…Find out more
Household energy debtsHandling energy debts When you fall behind with your gas and electricity bills, you risk falling into energy debts. Gas and electric bills can mount up, especially during cold spells, so budgeting for them is very important. If your bills are higher than expected, this can have a big effect…Find out more
Household mortgage shortfallsDealing with a mortgage shortfall A mortgage shortfall can happen when your home has been repossessed and sold, and the money raised isn’t enough to pay your outstanding mortgage and any secured loans as well as legal and estate agents’ fees. If your property has been repossessed, your lender will…Find out more
Negative equity in your homeNegative equity in your home What is negative equity? Negative equity in your home is when your property is worth less than your mortgage and other debts secured on it. It’s usually caused by falling property prices and often related to the state of the economy. As an example, if…Find out more
